Dealing with owner delinquencies can be a time-consuming and expensive process. However, once the association takes physical possession of a unit and obtains a renter, delinquencies can often be recovered quite quickly.
It's important to note that if the association fails to take action to rent a unit under possession once an owner has been evicted, the owner has a legal recourse to regain possession. The possession action is intended as a remedy for the association to recoup delinquencies. Leaving the unit vacant could cost the association the right to continue to possess the unit.
If your association is experiencing delinquencies, it's important to act quickly. The Chicago Condo Resource Center offers education on the collections process and can help you to make a decision about legal action. Subscribe today!